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Novorossiisk bunker fuel prices ease on arrival of railcars: sources
Bunker fuel prices in the Black Sea port of Novorossiisk have started to ease upon arrival of railcars with resupply, sources said Thursday.
Thursday morning Novorossiisk bunker traders reported levels of $425-465/mt, depending on delivery dates and volumes.
On Wednesday, high sulfur bunker fuel 380 dropped to a three-week low of $437.50. The last time it was lower was on January 31, at $435.50/mt, Platts data shows.
Marine gasoil distillates followed a similar bearish trend, moving down to the lowest point in two months Wednesday, assessed by Platts at $930.50/mt, Platts data shows. The last time marine gasoil was set lower was on January 3, at $915.50/mt, data shows.
Traders said prices were losing ground as railcars with fuel oil reached the port tankfarms. In recent weeks railcars carrying oil products faced delays due to the Olympic Games in Sochi, which is on the routes to Novorossiisk and Far Eastern ports. In the last two weeks, priority was given to passenger cars, causing severe delays in sending bunker fuel to Novorossiisk, sources said.
Tightness in fuel oil supply to the Black Sea port started to improve at the beginning of the week as suppliers reported better availability of fuel oil in the region.
Meanwhile, some traders said prompt bunker fuel prices are likely to remain steady, buoyed by bullish market fundamentals as improved supply could not meet strong buying interest Thursday.
Source: Platts
Thursday morning Novorossiisk bunker traders reported levels of $425-465/mt, depending on delivery dates and volumes.
On Wednesday, high sulfur bunker fuel 380 dropped to a three-week low of $437.50. The last time it was lower was on January 31, at $435.50/mt, Platts data shows.
Marine gasoil distillates followed a similar bearish trend, moving down to the lowest point in two months Wednesday, assessed by Platts at $930.50/mt, Platts data shows. The last time marine gasoil was set lower was on January 3, at $915.50/mt, data shows.
Traders said prices were losing ground as railcars with fuel oil reached the port tankfarms. In recent weeks railcars carrying oil products faced delays due to the Olympic Games in Sochi, which is on the routes to Novorossiisk and Far Eastern ports. In the last two weeks, priority was given to passenger cars, causing severe delays in sending bunker fuel to Novorossiisk, sources said.
Tightness in fuel oil supply to the Black Sea port started to improve at the beginning of the week as suppliers reported better availability of fuel oil in the region.
Meanwhile, some traders said prompt bunker fuel prices are likely to remain steady, buoyed by bullish market fundamentals as improved supply could not meet strong buying interest Thursday.
Source: Platts
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